ANNUAL REPORT 1998-99
TRIDENT PROJECTS LIMITED
Your Directors hereby present the Seventh Annual Report on the business &
operation of the Company along with the Audited Accounts of the Company for
the year ended 31 st March, 1999.
Your Directors do not recommend any dividend for the year ended 31st March,
1999 due to absence of profit.
The Status of various projects being undertaken by your Company is as
a) The Trident Jade Court
The construction work on this project is at full swing. The area to be
constructed is 42,602 square feet. Our Company has made an arrangement with
a multinational company to lease the entire building. The work is expected
to be completed by the mid of year 2000.
b) Wind Power Project
The Wind Power Project is working at its 80% capacity. The Company is
taking steps to get the project work at its 100% capacity. The dispute with
the supplier has been completely resolved.
1) The Trident Aquamarine - Amethyst Plaza
Two independent plots were taken up by the Company at The Golden Mile,
Chanakyapuri, Ring Road, New Delhi, in a public auction to construct office
buildings of 5,000 sq. ft. each. A public interest litigation against the
Government Body has held up possession of the property to the Company.
2) Resorts & Clubs
The Company is planning to take up projects in the field of Resorts and
Clubs in addition to real estate construction and development.
A CONSERVATION OF ENERGY
Your Company has made conscious and serious efforts for conservation of
energy not only at its sites but also at its offices. The Company has taken
a series of steps to conserve energy by effectively planning production,
usage of machines and equipments in the most efficient manner. Through the
in-house suggestion scheme, the Company has identified areas for reduction
of energy in construction and also taken corrective steps. The Company is
constantly educating the workers/employees and suggesting ways and means to
FORM A required in respect of the total energy consumed and energy consumed
per unit of production is not applicable.
B. FOREIGN EXCHANGE EARNlNG AND OUTGO
Foreign exchange earnings of the Company amounted to Rs.4,92,803/- in the
year under review, whereas the outgoings during the year was Rs.47S7,4X2/-.
C. RESEARCH & DEVELOPMENT
The Company's activities in R&D cell resulted in cost-saving techniques and
introduction of products & substitutes.
D. TECHNOLOGY ABSORPTION & ADAPTATION
The Company has not imported any new technology but is developing new
processes and products. It is constantly reviewing and evaluating newer
technologies to upgrade its products and process so as to meet new
challenges and competition.
Mr.Ramesh Khosla and Mr.Madanjeet Singh retired during the year and Mr.
Prem Sagar Bhatia resigned from the Board of Directors of the Company
during the year under revicw.
In accordance with the provision of the Companies Act, 1956 and the
Company's Articles of Association, Mr. Prem Sarup Sachdev retires by
rotation at the forthcoming Annual General Meeting and being eligible,
offer himself for re-appointment
M/s. Surendra & Associates, Chartered Accountants are retiring as Statutory
Auditors of the Company at the conclusion of the forthcoming Annual General
Meeting. They being eligible for re-appointment as Statutory Auditors, have
furnished the required certificate u/s 224 (lB) of the Companies Act, 1956.
Your Directors recommend their re-appointment as Statutory Auditor.
7. AUDITOR'S REPORT
The notes on the accounts referred to in the Auditors Report are self-
explanatory and therefore, do not call for any further comments under
Section 217 (3) of the Companies Act, 1956.
8. FIXED DEPOSITS
The amount of Fixed Deposits as on 31.3.99 stood at Rs.83,16,49/-.There
were 17 unclaimed deposits amounting to Rs. 3,47,000/- as on 31st March,
1999. In these cases, the Company has sent intimation to deposit holders.
9. Y2K COMPLIANCE
The Board does not forsee any risk arising out of Y2K complaince as it is
confident of meeting the same before December 1999. The Company does not
anticipate any material impact on its operations and accordingly no
additional cost is envisaged on this account.
Your Directors wish to place on record their appreciation for the
dedication and hard work put in by the employees at all levels.
11. PARTICULARS OF EMPLOYEES
The Company had no employee during the year attracting the provisions of
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules.
Your Directors wish to place on record their appreciation to the Investors,
Employees and the Company's Bankers for the support and co-operation
received from them throughout the year.
By order of the Board
Place: New Delhi
Date : May 29,1999